Buffett -- as well as his late great partner Charlie Munger -- would recommend avoiding leverage at all costs in your portfolio. Why? Because when the market turns (which it will inevitably do at times), the downside can wipe you out. The levered Nasdaq ETF went into a massive drawdown in 2022, and that was just one year of bad returns.

Howard Buffett's announcement as the successor did not come out of the blue. A member of Berkshire's board for over 30 years

Think being a billionaire is all luxury and extravagance? Think again. Warren Buffett, one of the richest men alive, might surprise you. Buffett's daughter, Susan, says her dad is just normal. A guy who's not obsessed with his billions.

Warren Buffett has taken cautious steps over the past few quarters, for example building up record levels of cash. The famous investor often is looked to for his insight as he’s invested successfully through many market environments over the years.